But the club accounts compiled by Stockbridge for the 13-month period up to June 30 last year – when the deal was struck – did not refer to any such arrangement.

The figures, published last October, stated in a paragraph described as Note 30: “No share options or convertible shares are held within the Group, therefore no diluted Earnings per Share calculation is required.”

However, following the revelation of Stockbridge’s deal, the club last night released a fresh statement, which stressed there were no further “penny share” giveaways in the pipeline.

Rangers Union of Fans described the miscalculations as unbelievable (Image: SNS Group)

The new statement added: “The directors note that Note 30 to the accounts for the 13-month period ended 30 June 2013 was incorrect to the extent that the options to which the share announcement on 1 July 2014 relate were not included.”

But the latest announcement sparked fury among supporters’ groups.

Rangers Union of Fans spokesman Chris Graham said Rangers Nominated Advisor (NOMAD) Daniel Stewart and auditors Deloittes would be incredulous at this turn of events.

He said: “Once again, this is unbelievable from the current board.

“If I recall correctly, Brian Stockbridge was actually the company secretary when these accounts were being produced, so he was responsible for their preparation and release, along with Deloittes as auditors.

“Are we expected to believe that the man in charge of the finances of the club forgot about his own share options?

“That is exactly what they are saying here as they are not mentioned or included in the accounts.

“I would imagine that the NOMAD will not be terribly pleased and that Deloittes, as auditors, will also be unhappy about this.

“But, as we have experienced before, it is very hard for anybody to take the current Rangers board to task for all the stunts they have pulled over the last couple of years.

“As another example of spectacular unprofessionalism, how many times can they claim: ‘It’s not our fault guv?’”